ETHZilla Announces $250 Million Stock Repurchase Program Amid Ethereum's New ATH

ETHZilla Corporation, a Peter Thiel-backed crypto stock, has announced a $250 million stock repurchase program. The program aims to maximize shareholder value and is expected to be funded using working capital and future financings. The company holds 102,237 ETH worth $489 million and plans to stake recently purchased ETH to generate yield. Following the announcement, the ETHZ stock initially soared to $3.75 before dropping 16%.

ETHZilla Corporation (ETHZ), a Peter Thiel-backed crypto stock, has announced a $250 million stock repurchase program aimed at maximizing shareholder value. The program, authorized by the company's Board of Directors, will be funded using the company's working capital and future financings. ETHZ currently holds 102,237 Ether (ETH) valued at approximately $489 million, with plans to stake recently purchased ETH to generate yield.

The stock repurchase program, effective immediately, allows the company to repurchase shares from the open market or through negotiated transactions at prevailing market rates. The program is subject to the availability of shares, general market conditions, and the Company's financial performance. ETHZ anticipates that the program will be funded using the company's working capital and funds raised in "at-the-market" offerings or other future financings.

Following the announcement, the ETHZ stock initially soared to $3.75 before dropping 16%. The company's stock repurchase program is expected to expire upon the earliest of June 30, 2026, when a maximum of $250 million of the Company's common stock has been repurchased, or when the Board of Directors discontinues such program.

ETHZilla is developing an accumulation vehicle for ETH, the native digital asset of Ethereum, and aims to become a benchmark for on-chain treasury management among public companies. The company's treasury strategy includes pursuing a differentiated yield generation program meant to outperform traditional ETH staking. ETHZilla is supported by an executive team and DeFi Council that unites capital markets experts, prominent Ethereum engineers, top-tier DeFi founders, infrastructure pioneers, and other ecosystem heavyweights.

References:
[1] https://www.marketscreener.com/news/ethzilla-announces-authorization-of-250-million-stock-repurchase-program-ce7c50d8d889fe24